The first ever AGM of Seven West Media was held in Perth today. Kerry Stokes said both the company's newspaper and television businesses had performed well over the past 12 months and were poised to capitalise on an improvement in consumer and advertising markets. He said the group was on track to deliver underlying EBIT of more than $300 million for the first half to December 31.

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Seven West Media's net profit tripled to $163 million in the half year to December 31 from $50.1 million in the prior corresponding period, and was slightly better than market expectations.
Earnings before interest and tax (EBIT) was at the high end of company guidance issued in November 2011 and ahead of market consensus at $309.7 million, on revenues of $1.0 billion.

No confirmed start date at present. I believe a development application has been submitted, but is still working through the approvals process. That's assuming Seven are still including studio space in the development, something which hasn't been commented on in some years.

RAY Wardrop, Seven West Media's general manager of marketing, has decided to part ways with the organisation.

Chief executive Chris Wharton confirmed Mr Wardrop’s departure to PerthNow this afternoon, saying it was his own decision to leave.

Mr Wharton did not elaborate on where Mr Wardrop was heading.

Mr Wardrop was at the centre of a drama within the organisation last year, when former Today Tonight executive producer Mario D’Orazio was given the newly created position of Channel Seven Perth managing director - a position Mr Wardrop was widely expected to get.
Perthnow.com.au

David Leckie today announced his decision to transition from his role as Chief Executive Officer of Seven West Media to a new role as Executive Director, Media for Seven GroupHoldings.Don Voelte, the former Managing Director and CEO of Woodside and currently a director of Seven West Media, has been appointed CEO and Managing Director of Seven West Media.

It's probably an understatement to say that this announcement - both Leckie's departure and the appointment of Don Voelte - has not gone down well with investors. Seven West shares were down about ten per cent at 1:00pm.

The tortured announcement by Kerry Stokes’ Seven West Media today that David Leckie is stepping down as chief executive demonstrates the fact the company failed in its job to have a contingency worked out for the entirely knowable. It had no appropriate succession plan.

Instead it has placed a round peg in a square hole. Don Voelte is a retired petroleum executive who will now be charged with running a bunch of media assets including a national television network, (mostly) women's magazines, a digital business and newspapers.

No doubt we will soon hear his views on spicing up Dancing with the Stars, some feature ideas for Women’s Health or fashion advice for Marie Claire.

The Australian Competition and Consumer Commission today announced it will oppose the proposed acquisition by Seven Group Holdings (Seven) of the balance of shares that it does not already own in Consolidated Media Holdings (CMH).Seven owns 25.3% of the shares in CMH and around 33% of the shares in Seven West Media (Seven Network). CMH owns 50% of FOX SPORTS Australia (FOX SPORTS) and, indirectly, 25% of FOXTEL.Seven sought clearance from the ACCC on the basis that it was actively considering acquiring the remaining shares in CMH and asked the ACCC to review a proposal for an acquisition of all of the shares in CMH.

You would assume the reverse would also apply - for example if one of the shreholders of Foxtel (News) wanted to buy a substantial portion of a FTA network - any going cheap?